美联储法官支持 SEC 的主张，否认 Coinbase 在加密资产分类纠纷中的动议

3 月 27 日，法官 Katherine Failla 驳回了 Coinbase 驳回 SEC 诉讼的动议，认为该机构关于该平台未注册交易所和投资合同销售的主张有效。法院驳回了经纪诉讼，澄清 Coinbase 钱包作为定价比较工具的角色并不构成经纪活动。这一裁决为 DeFi 开发商提供了明确的信息，因为它表明类似的解决方案可能不会面临未注册经纪商的指控。 Coinbase 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 称赞这一决定是自我托管钱包的胜利，而该公司现在必须解决与未注册交易所和未注册投资合同相关的剩余费用。

Judge Dismisses Coinbase's Motion to Dismiss SEC Lawsuit, Ruling on Crypto Asset Classification

法官驳回 Coinbase 驳回 SEC 诉讼、对加密资产分类的裁决的动议

On Wednesday, March 27, Judge Katherine Failla of the U.S. District Court for the Southern District of New York delivered a significant ruling in the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Coinbase, Inc., the prominent cryptocurrency exchange. In a closely watched decision, Judge Failla rejected Coinbase's motion to dismiss the SEC's complaint, upholding the agency's claims that Coinbase's staking program and listing of certain cryptocurrencies constitute violations of federal securities laws.

3 月 27 日星期三，美国纽约南区地方法院法官 Katherine Failla 对美国证券交易委员会 (SEC) 与著名加密货币交易所 Coinbase, Inc. 之间正在进行的诉讼做出了一项重要裁决。在一项受到密切关注的裁决中，Failla 法官驳回了 Coinbase 驳回 SEC 申诉的动议，维持了该机构的主张，即 Coinbase 的质押计划和某些加密货币的上市构成了违反联邦证券法的行为。

Background of the Lawsuit

诉讼背景

In July 2022, the SEC filed a complaint against Coinbase, alleging that the company had engaged in offering and selling unregistered securities through its Staking Program and had acted as an unregistered broker-dealer by facilitating cryptocurrency trading through its Coinbase Wallet. The lawsuit focused on eight specific crypto tokens listed on Coinbase's platform, which the SEC argued met the definition of "investment contracts" under the Securities Act of 1933 and should therefore have been registered with the SEC.

2022 年 7 月，SEC 对 Coinbase 提出投诉，指控该公司通过其 Stake 计划参与发行和销售未注册证券，并通过其 Coinbase 钱包促进加密货币交易，充当未注册经纪交易商。该诉讼主要针对 Coinbase 平台上列出的八种特定加密代币，SEC 认为这些代币符合 1933 年《证券法》中“投资合同”的定义，因此应该在 SEC 注册。

Mixed Reactions to Judge Failla's Ruling

对法伊拉法官裁决的不同反应

The ruling has elicited a wide range of reactions from the cryptocurrency industry and legal experts. Coinbase welcomed Judge Failla's decision to dismiss the SEC's claim that its Coinbase Wallet constitutes an unregistered broker-dealer, stating that the platform merely provides tools and information to users who retain control over their assets. However, Coinbase expressed disappointment with the court's decision to allow the SEC's claims regarding its staking program and the listing of unregistered securities to proceed.

该裁决引起了加密货币行业和法律专家的广泛反应。 Coinbase 对 Failla 法官驳回 SEC 关于其 Coinbase 钱包构成未注册经纪交易商的主张的决定表示欢迎，并表示该平台仅向保留对其资产控制权的用户提供工具和信息。然而，Coinbase 对法院决定允许 SEC 对其质押计划和未注册证券上市的索赔继续进行表示失望。

SEC's Arguments and Judge Failla's Reasoning

SEC 的论点和法官 Failla 的推理

The SEC has argued that Coinbase's staking program, which allows users to earn rewards for holding certain cryptocurrencies, falls under the definition of an "investment contract" because it involves the expectation of profits derived from the efforts of others. The agency also contended that Coinbase had acted as an unregistered broker-dealer by facilitating the trading of cryptocurrencies on its platform without registering with the SEC.

美国证券交易委员会认为，Coinbase 的质押计划允许用户通过持有某些加密货币来获得奖励，该计划属于“投资合约”的定义，因为它涉及从他人的努力中获得利润的预期。该机构还声称，Coinbase 在未向 SEC 注册的情况下，在其平台上促进加密货币交易，从而充当了未注册的经纪自营商。

Judge Failla found that the SEC had demonstrated sufficient evidence to support its claims regarding the staking program and the listing of unregistered securities. The court ruled that the staking rewards offered by Coinbase were similar to dividends paid by traditional securities, and that the company's activities in facilitating the trading of the eight crypto tokens at issue amounted to the solicitation of investments.

Failla 法官认为，SEC 已提供足够的证据来支持其有关质押计划和未注册证券上市的主张。法院裁定，Coinbase 提供的质押奖励与传统证券支付的股息类似，并且该公司促进涉案八种加密代币交易的活动相当于招揽投资。

Implications for the Cryptocurrency Industry

对加密货币行业的影响

The ruling in the SEC v. Coinbase case is expected to have significant implications for the cryptocurrency industry. It sends a clear message that the SEC will continue to assert its jurisdiction over digital assets that meet the definition of securities under existing law. This could lead to increased regulatory scrutiny of cryptocurrency platforms and the issuance of new digital assets.

SEC 诉 Coinbase 案的裁决预计将对加密货币行业产生重大影响。它发出了一个明确的信息，即美国证券交易委员会将继续对符合现行法律下证券定义的数字资产行使管辖权。这可能会导致对加密货币平台和新数字资产的发行加强监管审查。

Coinbase's Next Steps

Coinbase 的后续步骤

Coinbase has stated that it plans to vigorously defend itself against the remaining SEC claims. The company will likely seek to demonstrate that the crypto assets at issue are not securities under the law and that its staking program does not constitute an investment contract. The outcome of this case is likely to be closely watched by the cryptocurrency industry, as it could set important precedents for the regulation of digital assets.

Coinbase 表示，计划针对 SEC 的其余指控积极为自己辩护。该公司可能会寻求证明，所涉及的加密资产不是法律规定的证券，并且其质押计划不构成投资合同。此案的结果可能会受到加密货币行业的密切关注，因为它可能为数字资产的监管树立重要的先例。

Conclusion

结论

Judge Failla's ruling in the SEC v. Coinbase case represents a significant development in the evolving legal landscape of cryptocurrency regulation in the United States. The decision upholds the SEC's authority over digital assets that meet the definition of securities and signals continued regulatory scrutiny of the cryptocurrency industry. Coinbase's response to the remaining claims and the ultimate outcome of the lawsuit will be closely observed as the regulatory framework for cryptocurrencies continues to take shape.

Failla 法官对 SEC 诉 Coinbase 案的裁决代表了美国加密货币监管法律格局不断演变的重大发展。该决定维护了 SEC 对符合证券定义的数字资产的权威，并标志着对加密货币行业的持续监管审查。随着加密货币监管框架的不断形成，Coinbase 对剩余索赔的回应以及诉讼的最终结果将受到密切关注。